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Economy 2019-09-15T04:11:51+03:00
Ukrainian news
NBU Retains Discount Rate At 17.5%

NBU Retains Discount Rate At 17.5%

The National Bank of Ukraine (NBU) retained the discount rate at 17.5%.

The NBU said this in a statement, Ukrainian News Agency reports.

For the last two months in a row, consumer inflation exceeded the forecast of the National Bank.

In April, it was 8.8% in annual terms and in May, according to NBU estimates, continued to accelerate.

It is noted that such an acceleration is primarily due to temporary factors.

Among them - the rise in prices for certain types of vegetables and fuel.

In the second half of the year, the influence of these factors is leveled out due to the sale of a new crop of vegetables, as well as the cheapening of energy resources on the world market.

It is reported that the fundamental inflationary pressure will continue to decrease gradually in the future, as evidenced by the slowdown in core inflation in line with the NBU forecast since the beginning of the year.

Also, as they say in the statement, inflationary expectations improved.

At the same time, domestic demand continued to expand rapidly.

In particular, salaries, retail turnover, construction and industry have been growing at a high rate recently.

The Board of the National Bank still assumes that the cycle of monetary policy easing may continue, provided that inflation risks are relaxed and steady improvement in inflation expectations.

It is noted that the possible impact on future price dynamics from a steady growth in consumer demand, increased volatility in financial markets and other factors, as well as monetary policy measures necessary for their leveling out, will be taken into account in the updated macroeconomic forecast of the NBU (July 2019).

As Ukrainian News Agency earlier reported, from March 4, 2015, the NBU raised the discount rate from 19.5% to 30%.

Then the NBU has repeatedly kept the discount rate at 30%.

On August 28, 2015, the NBU reduced the discount rate to 27%, and on September 25, 2015 - to 22%.

From April 22, 2016, the National Bank reduced the discount rate from 22% to 19%, on May 27, 2016 - from 19% to 18%, on June 24 - from 18% to 16.5%.

On July 29, 2016, the NBU reduced the discount rate from 16.5% to 15.5%, from September 16, 2016 - from 15.5% to 15%.

On October 28, 2016, the National Bank of Ukraine lowered the discount rate from 15% to 14%, and in December 2016 and January 2017 - retained it at the level of 14%, in April 2017 - reduced it to 13%, in May 2017 - reduced to 12.5%, in October - increased to 13.5%, in December 2017 - to 14.5%, in January - to 16%, in March 2018 - to 17%, in July 2018 - to 17.5%, in September - to 18%, in April 2019 - reduced to 17.5%.

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